EDA approves $92M in incentives for Stockton, South Inlet projects in A.C.

By Andrew George,
January 12, 2016 at 12:04 PM

Two major Atlantic City projects received approval from the Economic Development Authority on Tuesday for incentives through the Economic Redevelopment and Growth Grant Program.

Island Campus Redevelopment Associates LLC, a joint venture between the New Brunswick Development Company and AC Devco, received approval for two separate ERG grants to redevelop several blocks in the southern end of the city that it hopes will eventually serve as a satellite campus for Stockton University.

The EDA voted to approve a $38.4 million ERG for the construction of a new, five-story dormitory building that will house approximately 500 students, and a separate 56,000-square-foot academic building located across the street. Roughly 7,000 square feet of retail space will also be included in this portion of the project.

The dormitory building will comprise 121 total units featuring single- and double-occupant bedrooms. Stockton plans on offering students a shuttle service to its main campus in Galloway.

In a related but separate vote, the EDA also moved to approve a $29.9 million ERG for the construction of a new 332,500-square-foot, seven-story parking garage that will ultimately serve Stockton students and faculty as well as employees of South Jersey Industries. The garage, which is slated to offer 886 total spaces, will also feature approximately 7,500 square feet of retail space on its ground floor.

Atlantic City also saw a major ERG award approved for South Inlet Partners Urban Renewal, the limited liability company formed by Boraie Development for its proposed mixed-use project in the city’s South Inlet neighborhood.

The EDA approved a $24.4 million ERG award for the construction of three new four-story buildings that will feature 250 residential units, 7,500 square feet of retail space, 85,000 square feet of parking and 10,000 square feet of common space.

The project will sit on what is currently eight acres of vacant land along Atlantic Avenue. Of the planned 250 residential units, 50 will be marked for affordable housing.

Other projects approved for incentives Tuesday include:

Company: Aralez Pharmaceuticals US Inc.Location: West Windsor TownshipAward: 10-year, $5.6 million Grow NJBenefit: $30.3 million to the state over 20 yearsNotable: Would create 90 new full-time jobs.

Company: C2 Imaging LLCLocation: Jersey CityAward: 10-year, $11.5 million Grow NJBenefit: $11.6 million to the state over 20 yearsNotable: Would create 110 new full-time jobs.